FXHQ.com

The Fed Open Market Committee will meet this week to discuss monetary policy and the possibility of the first U.S. rate hike in years. With dovish sentiment dominating the global dialogue of central banks, keep an eye on additional policy meetings from Sweden's Riksbank, the Reserve Bank of New Zealand and the Bank of Japan.

The U.S. dollar was up after European Central Bank Chief Mario Draghi took a dovish tone on the states of the broader European economy. The dollar gained against safe-haven currencies like the yen and the Swiss franc and was boosted by a surge in the U.S. markets thanks to stronger-than-expected earnings from a number of firms.

The U.S. dollar was up slightly this morning against emerging market and commodity currencies following a decline in the Chinese equity markets. This morning, the Shanghai Composite Index fell more than 3% as concerns about global growth again rattled investors.